USD CAD Fundamental Analysis 2
8/12/2016 2:28:28 PM
The buying interest behind the Loonie is slowly gathering pace, pushing USD/CAD to fresh session lows more below 1.30 handle. Now, the USD/CAD pair fell -0.15% to 1.2974, floating close to fresh session lows reached at 1.2967 last hour. After witnessing a brief recovery in the Asian opening trades, the major ran through fresh offers just shy of 1.30 handle, now expanding the slide towards the mid-point of 1.29 handle. The bearish pressure emphasized in the major after the oil prices built-on previous gains and extended the recoil on comments from Saudi Arabia’s energy minister, citing that oil producers are likely to discuss potential action to steady prices at the OPEC’s meeting next month. In the meantime, the dollar takes a breather from yesterday’s increase and trades largely quiet against its major peers, adding to the downside in the major. All eyes now stay on a fresh batch of US economic releases due later in the NA session. To the upside, the next persistence are seen near 1.3000 and 1.3058. To the weakness, immediate support might be situated at 1.2938 and below that at 1.2900.
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